Inovatif

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  • Southeast Asia’s crypto revolution: Venkate exchange surpasses 1 million users

    Southeast Asia’s crypto revolution: Venkate exchange surpasses 1 million users

    In a significant milestone that underscores its dominance in the blockchain and cryptocurrency sectors, Venkate Exchange has proudly announced that its user base has exceeded one million. Venkate serves a rapidly growing community with a daily trading volume surpassing $1 billion.

    Security and advanced technology remain at the core of Venkate’s operations, with features including:

    • Advanced Custody Solutions: Leveraging Multi-Party Computation (MPC) wallet technology alongside partnerships with top-tier custodians.
    • Robust Risk Controls: Implementing on-chain monitoring systems and stringent KYC/AML compliance to ensure a secure trading environment.
    • Decentralised Insurance Protocols: Protecting users against contract risks and cyberattacks, thereby enhancing trading confidence.

    Venkate Exchange continues to use its extensive global network and deep regional insights to significantly boost the success of Web3 projects:

    • Global Partnerships: Collaboration with over 1,000 key opinion leaders and hundreds of media outlets maximise visibility and impact.
    • Localised Community Building: Customised community initiatives in Southeast Asia boost project recognition and engagement.
      • Proven Results: Partner projects report up to a 300% increase in exposure and a staggering 1,000% growth in user engagement within the region.

    Venkate remains dedicated to propelling the digital economy in the region forward with a focus on:

    • Diversity: Offering a broad array of assets for tailored investment strategies.
    • Sustainability: Fostering impactful and ethical investment practices.
    • Transparency and Reliability: Ensuring open communication and consistent, robust asset protection

    With achievements ranging from monumental user growth to pioneering the tokenisation of meteorites, Venkate continues to deliver unparalleled value and innovation to its users.

  • Global Survey Reveals Trust Deficit in Tax Systems, Including in Malaysia

    Global Survey Reveals Trust Deficit in Tax Systems, Including in Malaysia

    A groundbreaking global survey, Public Trust in Tax 2024, revealed that while most taxpayers believe in the principle of paying taxes as a contribution to society, trust in how governments utilise tax revenues remains low. Conducted by the Association of Chartered Certified Accountants (ACCA), the International Federation of Accountants (IFAC), and the Organisation for Economic Co-operation and Development (OECD), the survey gathered responses from over 10,000 individuals in 26 countries, including Malaysia.

    The survey underscores a significant gap between the theory and practice of tax systems worldwide:

    • Taxes as a Contribution: 52% see taxes as a contribution to the community, while 25% disagree.
    • Public Good: Only 33% of global respondents feel tax revenues are spent for the public good, while 46% disagree.
    •  Fair Return on Taxes Paid: Just 32% believe public services and infrastructure provide a fair return for their taxes, while 50% disagree.

    Helen Brand OBE, chief executive of ACCA, said: “Trust in tax systems is crucial for sustainable development and prosperity, and the findings of this survey highlight the challenges that many governments across the world face in building it. We look forward to using this important work to engage with policymakers, tax authorities and civil society to drive evidence-based policy initiatives to build effective and trusted tax systems.”

    Commenting on the finding that tax accountants are the most trusted source of information on tax, and politicians the least, Lee White, CEO of IFAC, said: “Consumer and investor protection is the foundation for economic prosperity, which aligns with building trust in the tax ecosystem. As the survey confirms, and in line with previous editions, professional tax accountants are the most trusted source of tax information globally. This trust places an enormous responsibility on our profession to act with integrity, to bridge the gap between governments and taxpayers, and to uphold the highest standards of ethics.”

    Manal Corwin, Director of the OECD Centre for Tax Policy and Administration, said: “We are pleased to join with ACCA and IFAC on this key research. The findings in this report highlight that support for the fiscal contract remains strong in theory, but it’s not being delivered in practice for many. We can use these findings to identify how to rebuild trust in both the theory and practice of tax across the globe.”

    Malaysia’s results revealed more optimism than many other countries in the survey, though challenges persist:

    • A Positive Contribution: 56% of Malaysians believe taxes are a contribution to the community, above the global average.
    • Spending for Public Good: 43% of Malaysian respondents agree tax revenues are spent for the public good, outperforming the global average but leaving room for improvement.
    • Fair Return: 40% of Malaysians feel they receive a fair return in public services and infrastructure for the taxes they pay, compared to the global average of 32%.
    • Ease of Compliance: Malaysians rank tax processes as relatively efficient, with 60% saying it is easy to file returns and make payments, surpassing the global average of 52%.
    • Trust in Accountants: Malaysian tax accountants are the most trusted globally, with an 80% trust rating, reflecting a high level of confidence in the profession.

    Andrew Lim, Portfolio Head of ACCA Maritime SEA, remarked, “Malaysia’s stronger-than-average results highlight the potential for further trust-building measures. Transparency, fairness, and engagement remain vital to strengthening the fiscal contract.”

    Despite relatively positive perceptions, concerns about corruption and the equitable distribution of tax burdens persist in Malaysia, mirroring broader regional and global trends. Addressing these issues will be key to fostering greater public trust in tax systems.

    The full report, Public Trust in Tax 2024, is available at ACCA’s website: https://www.accaglobal.com/gb/en/professional-insights/global-economics/public-trust-tax-2024.html

  • Tune Protect Group launches Delay Lounge Pass for AirAsia Travel insurance customers

    Tune Protect Group Berhad (“Tune Protect or “Group”) announced the launch of a new benefit for its AirAsia Travel Insurance customers, the Delay Lounge Pass, a perk that provides access to over 1,500 airport lounges worldwide when flights are delayed by two hours or more.

    Available across AirAsia’s extensive global network , the Delay Lounge Pass is available exclusively for customers purchasing or opting in for either one of the AirAsia Travel Insurance plans, which include the Value Pack, Premium Flex, and AirAsia Plus for flights departing from or arriving in Malaysia and Thailand.

    The Delay Lounge Pass transforms the experience of flight delays by offering customers access to airport lounges equipped with high-speed Wi-Fi, charging stations and a range of experiential facilities, including spa treatments and discounts at bars and restaurants. This new feature goes beyond the usual travel insurance benefits that AirAsia guests are able to enjoy, further elevating their worry-free travel experience. Aside to gaining monetary compensation due to delayed flights which is part of the AirAsia Travel Insurance coverage, customers are also compensated with the ease and comfort of airport lounges to make the most of their waiting time.

    “Travel delays are unsolicited, and we understand the challenges of navigating them when travelling with a big family or managing a busy schedule, especially during peak travel season such as the upcoming year end and school holidays. At Tune Protect, we aspire to enhance every aspect of the travel journey to be as comfortable and stress-free as possible. Whether it is parents seeking a quiet space to manage their children, business travellers needing to catch up on work, or solo travellers wanting a peaceful spot to relax, the access to the airport lounges addresses the needs of every traveller,” said How Kim Lian (“How”), Group Chief Executive Officer of Tune Protect.

    In the event that the flight is delayed, but customers do not utilise the voucher that was issued, it will still be valid for one-time use within 30 days from the issuance date at any of the 1,500 airport lounges worldwide. The Delay Lounge Pass voucher is uniquely assigned to the registered travellers and is non-transferable. Customers purchasing any of the AirAsia Travel Insurance plans (Value Pack, Premium Flex, and AirAsia Plus) for their travel companions must ensure that each guest is accurately registered to ensure a seamless experience.

    Aside to the Delay Lounge Pass, Tune Protect has also enhanced its travel insurance features in the AirAsia Travel Insurance plans by introducing TravelFlex Lite, which is a flexible cancellation benefit due to unforeseen circumstances . TravelFlex Lite benefit reimburses the cost of the flight tickets up to RM500 if customers are unable to travel. Other key features of the AirAsia Travel Insurance plans are the On-Time-Guarantee which reimburses RM100 for a 2-hour delay; and Baggage Delay which reimburses RM120 for every 6-hour delay, up to RM360.

    For more information on the Delay Lounge Pass and the AirAsia Travel Insurance Plans, including terms and conditions, please visit https://delayloungepass.tuneprotect.com/airasia and https://www.tuneprotect.com/airasia/AABundlePackage/.

  • Bursa Malaysia seeks public feedback on review of depository rules relating to electronic securities account statements

    Bursa Malaysia Berhad (“Bursa Malaysia” or “the Exchange”) today issued a consultation paper seeking public feedback on the proposed amendments to the Rules of Bursa Malaysia Depository Sdn Bhd (“Depository”). These amendments aim to facilitate Bursa Malaysia’s move towards embracing further digitisation in the issuance of securities account statements to depositors (“CDS statements”), as part of the Exchange’s broader commitment toward environmental sustainability.

    The amendments propose making CDS statements available through the MyBURSA portal for greater accessibility and convenience for all depositors. Hard copy CDS statements will still be made available, at a fee, or under exceptional circumstances to specified depositors0F1 who demonstrate a clear need for such arrangement.

    Additionally, the proposed amendments require all issuers whose securities remain deposited with the Depository to keep their information up to date, and all parties subject to the Depository Rules to provide accurate and complete information to the Depository. These requirements are crucial to ensure the highest standard of data integrity and transparency.

    The proposed amendments above are part of the Exchange’s ongoing commitment to enhance operational efficiencies and sustainable practices, while ensuring that the Depository Rules remain fit for purpose in serving the needs of investors and stakeholders.

    Further details on the consultation paper and the proposed amendments are available at https://www.bursamalaysia.com/regulation/public_consultation.

    The Exchange welcomes views and feedback from the public on the proposed amendments above. Interested parties are invited to submit their comments to Bursa Malaysia by 14 February 2025.

  • AC Ventures and Deloitte release 2024 Impact Report

    AC Ventures, a leading Southeast Asian venture capital firm, has officially released its 2024 Impact Report, titled “Accelerating Impact into New Heights.” Developed in collaboration with Deloitte in Indonesia, the report underscores AC Ventures’ commitment to fostering innovation, advancing sustainability, and driving meaningful change across Indonesia and the broader region. Covering the firm’s achievements and progress, the report offers an in-depth exploration of AC Ventures’ contributions across three core pillars: economic growth, social inclusion, and environmental sustainability.

    Helen Wong, Managing Partner at AC Ventures, stated, “At AC Ventures, we firmly believe venture capital has the power to transform industries and lives for the better. This report highlights how our portfolio companies are championing innovation while making a tangible impact and fighting climate change. From empowering communities to accelerating sustainability, our mission is to build a future where businesses thrive alongside an inclusive society and a sustainable environment.”

    The Impact Report highlights AC Ventures’ ongoing commitment to drive positive outcomes. Over 30,000 direct jobs were created by AC Ventures-backed companies, empowering more than four million individuals and businesses through digital tools and financial inclusion. 40% of these companies are led or co-led by women, advancing gender equity in Southeast Asia. Companies like Supermom are actively bridging opportunity gaps.

    Sustainability is a core focus of AC Ventures’ investment strategy. The firm’s climate-tech portfolio companies have been instrumental in accelerating environmental impact. These companies have collectively reduced and avoided more than four million metric tons of CO2 emissions. Accacia, a leader in decarbonizing the real estate sector, helped its clients cut 3.5 million metric tons of CO2, while Xurya’s rooftop solar energy solutions prevented over 1.1 million metric tons of CO2 emissions. Xurya has generated over 1.18 billion kWh of renewable energy through solar projects, helping to significantly reduce dependence on fossil fuels across Indonesia. ASTRO recycled over 166 tons of cardboard packaging in collaboration with local vendors, and Fore Coffee reduced its plastic bag usage by 77%, recycling nearly one ton of cups across its stores.

    Deloitte, which played a key role in guiding the development of the report, emphasised its importance as a tool for transparency and progress. Imelda M. Orbito, Director at PT Deloitte Konsultan Indonesia, and also serves as an expert in Sustainability and Climate Change said, “An Impact Report is more than just a set of metrics—it tells the story of an organisation’s journey toward positive transformation.

    As AC Ventures looks to the future, the firm remains committed to strong governance and advancing gender diversity within its investment strategy. Looking ahead, AC Ventures is focused on accelerating innovation, championing sustainable growth, and driving measurable impact across Southeast Asia.
    Download the full playbook via: https://acv.vc/resources/acv-impact-report-2024/

  • LG opens THINQ API to foster Smart Home innovation

    LG Electronics (LG) has fully opened the Application Programming Interface (API) of its smart home platform, LG ThinQ, enabling developers to easily create smart spaces with LG appliances.

    Recently, LG launched the LG Smart Solution API Developer website to officially open up the LG ThinQ API. An API acts as a digital connector that allows different software to exchange functions seamlessly. Developers can utilise the open API to integrate various features from LG AI appliances into their programs or systems, enhancing their services.

    The LG ThinQ API is divided into two categories: the ThinQ API for individual users and the ThinQ Business API for corporate partners. The ThinQ API allows for remote control of LG devices installed in homes or buildings and facilitates integration with various platforms.

    For individual users, the ThinQ API supports the control and monitoring of AI appliances registered in the LG ThinQ app from various smart home platforms. By utilising the ThinQ API, anyone can easily create a customised smart home that fits their lifestyle. For example, users of the global smart home platform Home Assistant can now connect and control 26 types of LG AI appliances, including refrigerators and washing machines, within their existing smart home environment. Home Assistant is a community-based open platform with about one million users worldwide who collaboratively develop various smart home functions such as device automation and feature expansion.

    For enterprises, the ThinQ Business API supports partners operating offices or residential buildings in integrating and managing various LG products, from appliances to commercial equipment like HVAC and signage, with their existing apps. For instance, large residential buildings can integrate LG appliances with their existing management apps for more convenient use. Residents can reserve the use of LG washers and dryers in common areas through the building management app, or administrators can detect abnormal conditions in the building using LG’s temperature and humidity sensors and quickly respond to issues through alert functions.

    Meanwhile, LG has accelerated the integration of external products and services into the LG ThinQ platform by acquiring the smart home platform company Athom, known for its extensive IoT device connectivity. Athom’s smart home hub Homey currently connects over 50,000 types of appliances and IoT devices, and the Athom app store features around 1,000 apps that connect and control products and services from global brands like Philips and Aqara. LG plans to integrate Athom’s extensive open ecosystem and IoT device connectivity into the AI home hub LG ThinQ On, aiming to realise an AI home where generative AI better understands customers and provides optimal space solutions.

    “With the official launch of ThinQ AI, we aim to deepen engagement with open-source community smart home power users in the open-source community and broaden our collaboration with B2B partners. This initiative will bolster our efforts to create smart home ecosystems powered by LG appliances, enhancing customer experiences across multiple touchpoints,” said Kim Kun-woo, vice president of LG’s Home Appliance Solution Company.

  • Osaka Emerges as Asia’s Next Global Financial Hub with Groundbreaking Special Zone Initiative

    Osaka has proposed a special zone framework utilising the government’s financial and asset management special zone programme to promote the concentration and enhancement of financial and asset management services alongside the development of growth sectors. The city is positioning itself to maximise its economic power and strategic location while harnessing the momentum of the Osaka-Kansai Expo 2025.

    What are Japan’s Financial and Asset Management Special Zones?

    In June 2024, the Financial Services Agency (FSA) designated four regions – Hokkaido, Tokyo, Osaka, and Fukuoka – as “Financial and Asset Management Special Zones.” This initiative aims to create a “virtuous cycle of growth and distribution” by accelerating capital flows through asset management reforms. These designated regions receive special regulatory exemptions and support measures to attract new domestic and international investments, fostering the development of both financial services and regional industries.

    The Special Zones programme advances three key objectives:

    1. Attracting domestic and international financial and asset management operators

    • English-language administrative procedures (commercial registration, social insurance, etc.)
    • Creating new residence status for foreign investors investing in startups
    • Support for opening bank accounts for foreign nationals

    2. Supporting regional growth industries through financial and asset management operators

    • Easing investment regulations for bank groups’ specialized investment subsidiaries in startups
    • Relaxing regulations on qualified investors who can invest in professional venture funds

    3. Promoting and nurturing growth industries

    • Promoting acceptance of overseas talent (GX, fintech, etc.) through the Highly Skilled Professional Points-based System

    Beyond financial services, the programme implements regulatory reforms and operational initiatives encompassing business environments, living conditions, and target industries for investment.

    Each of the four designated regions has established unique concepts and visions leveraging their distinct characteristics, promoting initiatives in collaboration with a broad range of stakeholders.

    Osaka’s Strategic Vision and Implementation

    The Global Financial City OSAKA strategy focuses on creating an environment where continuous innovation thrives, carrying forward the legacy of Expo 2025 into the future. It aims to implement regulatory reforms aligned with global standards to attract foreign investment and strengthen financial functions in the region. These efforts are being driven by the “International Financial City OSAKA Promotion Committee,” established in March 2021. The committee, which now comprises 40 organizations as of February 2024, represents a collaborative effort between industry, academia, and government institutions.

    Future Outlook
    The immediate focus is on attracting talent, businesses, and capital from Asia and worldwide while building a concentrated ecosystem of investment-ready startups. This initiative represents Osaka’s commitment to transforming into a major international financial center while fostering innovation and sustainable growth, as part of Japan’s broader strategy to enhance its financial markets through the Special Zones programme.

     

  • Kaspersky contributes to joint INTERPOL-AFRIPOL operation

    Kaspersky has assisted its partner law enforcement agencies INTERPOL and AFRIPOL in a joint effort to disrupt cybercrime across the African region. Dubbed “Serengeti,” the operation has led to the arrest of more than 1,000 individuals suspected of links to cybercrimes such as ransomware operation and business email compromise (BEC) attacks, resulting in nearly US $193 million in financial losses worldwide.

    As Africa is going through a rapid digitisation, the threat of cybercrime on the continent is also escalating. In the African region in particular, ransomware has emerged as a prominent attack vector, targeting critical infrastructure, financial institutions, and manufacturing facilities, among others. During the first 10 months of 2024, there were over 165,000 ransomware attack detections in Africa, according to Kaspersky data. Other noticeable cyberthreats targeting users and organizations in the region include spyware and password stealers.

    Conducted from September 2 to October 31, operation Serengeti dismantled 134,089 malicious infrastructures and networks linked to cybercrimes including ransomware operations, BEC attacks, digital extortion and online scams — all identified as prominent threats in INTERPOL’s  2024 Africa Cyber Threat Assessment Report.

    Kaspersky has contributed to the operation by sharing information on threat actors, data on ransomware attacks and malware targeting the region, as well as up-to-date indicators of compromise (IoCs) for malicious infrastructure across Africa. Among the malware targeting African countries was also a well-known Brazilian banking trojan Grandoreiro – Kaspersky recently released new findings on this trojan at its Security Analyst Summit. Additionally, ransomware families detected in attacks on African organizations among others included LockBit, Rhysida, and Medusa.

    The operation has also resulted in the identification of more than 35,000 victims of cyber offenses investigated.

    Valdecy Urquiza, Secretary General of INTERPOL, said: “From multi-level marketing scams to credit card fraud on an industrial scale, the increasing volume and sophistication of cybercrime attacks is of serious concern. Operation Serengeti shows what we can achieve by working together, and these arrests alone will save countless potential future victims from real personal and financial pain. We know that this is just the tip of the iceberg, which is why we will continue targeting these criminal groups worldwide.”

    “As an advocator of global cyberspace safety, it is meaningful for us to play a part in this joint operation. This is a testament of the importance of cooperation between governments, international law enforcement agencies, and cybersecurity companies like us to battle cybercrimes and threats. As cybercrimes are borderless, collective efforts are crucial to mitigate the risks and enhance cyber resiliency, thus helping to make the digital world safer for governments, businesses and individuals alike,” says Adrian Hia, Managing Director for Asia Pacific at Kaspersky.

  • WCT Bahrain signs MoU to advance brine recovery solutions in Bahrain

    WCT Bahrain signs MoU to advance brine recovery solutions in Bahrain

    WCT Bahrain WLL (“WCT Bahrain”), a subsidiary of WCT Berhad, Tahliya Water Treatment WLL (“TWT”), and the Saudi Water Authority (“SWA”) has entered into a Memorandum of Understanding (“MoU”) to promote collaboration in implementing brine recovery solutions for desalination plants in Bahrain.

    The initiative seeks to reduce the environmental impact of desalination processes while producing valuable by-products such as Sodium Chloride and other minerals. The project aligns with Bahrain’s goals of enhancing food security and reducing reliance on imports, contributing to sustainable regional development to combat sea level rise and climate change.

    The MoU was signed in conjunction with the 3rd Innovation-Driven Water Sustainability Conference, hosted by SWA in Jeddah under the patronage of Saudi Arabia’s Minister of Environment, Water, and Agriculture.

    Under the MoU, WCT Bahrain will serve as the design-and-build contractor, overseeing the engineering, procurement, and construction (EPC) aspects of the project while TWT will act as the plant owner, responsible for project CAPEX and operation management. SWA is responsible in providing strategic and technical advisory services, guiding the deployment of brine recovery technology.

    This collaboration aims to develop and implement advanced brine mining technology, improve desalination efficiency, conserve energy, and produce valuable minerals locally to reduce import dependency.  Bahrain’s existing desalination plants will benefit from these advancements, aligning with the nation’s sustainability priorities.

  • Funding Societies extends partnerships with CGC Digital

    Funding Societies extends partnerships with CGC Digital

    Modalku (Funding Societies), the largest unified digital finance platform for micro, small and medium enterprises (MSMEs) in Southeast Asia, has expanded its digital guarantee products in partnership with CGC Digital, the FinTech subsidiary of Credit Guarantee Corporation Malaysia Berhad, following the success of last year’s Proof of Concept programme on digital supply chain financing (DSCF).

    The expansion of the partnership marks a key milestone following CGC Digital’s investment in Funding Societies earlier this year. It represents a major step forward in providing critical support to Malaysia’s MSMEs, positioning them for greater success amidst a competitive and dynamic economy. Funding Societies together with CGC Digital have developed two new digital credit guarantee products: Digital Term Financing and Micro Credit Line. These products not only provide access to financing but also offer micro and small businesses profit rate savings of up to 2% per annum.

    In addition to Digital Term Financing and Micro Credit Line, Funding Societies and CGC Digital have expanded its DSCF programme to include a broader range of industries and suppliers with longer tenors, as part of the joint continuous effort to bridge the gap and address the challenges in micro and small businesses in accessing financing.

    As at publication, since the launch of the two new programmes in September, more than RM10 million has been disbursed, benefiting over 200 creditworthy micro and small enterprises. This further underscore both organisation’s commitment to fostering financial inclusion and growth for Malaysia’s MSMEs and validates the demand for such financing solutions among micro and small businesses.

    These initiatives align with the broader goal of focusing on inclusivity, digital growth, and sustainability, as well as enhancing MSMEs’ long-term resilience and competitiveness both domestically and internationally.

    Chai Kien Poon, Country Head of Funding Societies Malaysia, remarked, “This partnership with CGC Digital represents a shared vision of empowering underserved businesses in Malaysia. We are committed to creating a more inclusive financing ecosystem that supports the growth of micro and small businesses across Malaysia. By combining CGC Digital’s extensive expertise in credit enhancement with Funding Societies’ state-of-the-art digital financing platform, our digital financing solutions allow business owners to access the capital they need to expand, employ, and contribute to the economy enabling improved access to capital and fostering financial inclusion.”

    Yushida Husin, Chief Executive Officer, CGC Digital said, “I am delighted with the extended partnership, which has already made a profound impact on the financial accessibility for Malaysian MSMEs. This extension is a testament to our unwavering dedication to financial inclusion and product innovation. Furthermore, I am also excited for the expansion of our partnership, where we continue to push boundaries through product innovation. By breaking new ground, we are not just providing access to financing; we are enabling dreams and driving economic growth. Our joint efforts are paving the way for a future where every business has the opportunity to succeed and thrive”.

    MSMEs make up more than 97% of businesses in Malaysia, contribute 39% to Malaysia’s Gross Domestic Product (GDP) and employ a substantial portion of the workforce. However, these businesses are often constrained by limited access to financing options. By joining forces, Funding Societies and CGC Digital aim to strengthen the financial backbone of the Malaysian economy, fostering resilience and economic growth through improved access to capital.